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New owner moves to finish The Mark; planning board approves minor subdivision amendment
Summary
The planning board approved an amendment to the major subdivision for The Mark at 102 U.S. Route 1 after the propertyas new owner described recent financing, mechanics-lien resolution and near-term plans to finish construction and sell the property by auction.
The Cumberland Planning Board approved an amendment to the major subdivision for The Mark, a mixed-use project at 102 U.S. Route 1, during its Aug. 19 meeting after hearing from the property s new owner and representatives about recent financing and progress toward completing construction.
Why it matters: The project stalled in late 2024 when the prior owner ran short of funds and mechanics lien claims were filed against the property. The current owner, Mark Real Estate Holdings LLC, described paying roughly $2.5 million in mechanics' liens, securing financing from the senior lender Builders Capital to finish construction, and initiating an auction process to sell the completed property.
What the board heard: Attorney Adam Prescott and project representatives said work resumed in June and that remaining site items were limited. Engineers reported several as-built differences from the approval documents: a retaining wall location changed where exposed ledge was found (engineers said the ledge is stable, was signed off by a geotechnical engineer, and caused removal of one parking space, reducing total parking from 80 to 79), additional small mechanical equipment pads were installed and will be added to the site plan, and minor drainage details and a guardrail were proposed to address localized seepage and an erosion issue.
Board action: After hearing from the applicant and staff and opening and closing the public hearing with no speakers, the Planning Board adopted the findings of fact and approved the subdivision amendment as presented on Aug. 19.
Next steps: The applicant will complete the limited punch-list items, coordinate with town staff for inspections and certificates of occupancy, and proceed with the auction process. The applicant said the bankruptcy court approved sale procedures and an auction was scheduled for Sept. 17 (as stated by the applicant).
